Enable Injections Announces $215 Million Financing
New financing provides significant financial flexibility to propel growth efforts, benefitting patients, providers, and pharma partners worldwide.
CINCINNATI — Enable Injections, Inc. ("Enable"), a company developing and manufacturing the enFuse® platform of investigational wearable drug delivery systems, is pleased to announce $215 million in Series C financing. Magnetar Capital ("Magnetar") led the financing along with new institutional investments from GCM Grosvenor, Squarepoint Capital, Woody Creek Capital Partners, and other investors. Enable received significant continued support from existing investors including Cincinnati Children's Hospital Medical Center, CincyTech, Cintrifuse, and Ohio Innovation Fund.
Enable Injections' enFuse® is an innovative drug delivery technology designed to subcutaneously (SC) deliver large volumes of up to 50mL for a wide range of therapies and diseases, and to provide patients and providers a safe, convenient, and cost-effective alternative to IV administration. With improved flexibility for patients and providers, enFuse is designed to enable an increase in healthcare provider efficiencies, minimize patient exposure in the clinic, and reduce healthcare costs, with the aim of benefiting patients and healthcare providers worldwide.
"Enable Injections has seen a dramatic increase in demand for enFuse's high-volume drug delivery technology. The funding from Magnetar will help enFuse continue to redefine intravenous drug delivery by meaningfully scaling our development and commercialization efforts. This will help us reach even more patients who depend on intravenous medications and, we believe, significantly improve their lives," said Mike Hooven, President and CEO, Enable Injections. "Magnetar, and its healthcare team, bring valuable industry expertise and an extensive network of financial and biotech contacts to Enable. We are excited to partner with Magnetar to grow the enFuse platform globally and achieve our shared vision of supporting next generation patient-healthcare provider connections through an enhanced injection administration experience."
"This financing will provide additional resources to onboard important new pharma partner programs and accelerate our commercialization programs and platforms with existing pharma partners," said Tim Flaherty, EVP and CFO, Enable Injections. "Enable is a stronger company with Magnetar as a strategic partner, with its thoughtful approach to healthcare investing."
UBS Securities LLC served as exclusive placement agent to Enable Injections in connection with this financing.
About Enable Injections:
Cincinnati-based Enable Injections is an investigational-stage company developing and manufacturing on-body subcutaneous drug delivery systems designed to improve the patient experience, support superior outcomes, and advance healthcare system value and economics. Enable's body-worn enFuse® drug delivery platform utilizes standard container closure systems to deliver high-volume pharmaceutical and biologic therapeutics. For more information, please visit www.enableinjections.com.
About Magnetar Capital:
Founded in 2005, Magnetar is a multi-strategy alternative investment manager with approximately $13.5 billion of assets under management as of September 30, 2021. Magnetar seeks to achieve stable risk-adjusted returns by opportunistically employing a wide-range of alternative credit and fixed income, energy and infrastructure, and systematic investing strategies. Magnetar invests across regions and business structures, in both public and private markets, taking advantage of the deep rigor of fundamental and quantitative analysis. The firm is based in Evanston, Illinois, with additional offices in London and Houston. For more information, visit www.magnetar.com.
Source: Enable Injections